Why Tesla Stock Tanked Friday
Tesla (NASDAQ: TSLA) CEO Elon Musk made a big announcement last night, and it wasn't about his bid to buy Twitter. But that good news wasn't enough to overcome other headwinds that helped bring Tesla shares down 5.9% Friday, as of 3:05 p.m. ET.
Musk went on Twitter last night to announce Tesla's first Semi truck delivery is expected to go to PepsiCo on Dec. 1. But Friday's jobs report became investors' priority today, overshadowing that good news from Musk. With more jobs being added in September than expected, along with a lower unemployment rate, investors see continued action coming from the Federal Reserve raising interest rates. That caused investors to shed higher-risk growth stocks, including Tesla. Since it's looking more likely that Musk will own Twitter, investors are right to wonder whether he will have to sell any more Tesla shares to fund that deal.
Source Fool.com
